Menzies Reports Decline In First-Half Profit

Aug 19, 2014
Source: Morningstar

John Menzies said it continues to progress despite challenges faced in its Aviation division, in terms of continued airline pricing pressure and operational issues within its UK ground handling business.

Photo credit: Menzies Aviation

LONDON (Alliance News) - John Menzies PLC Tuesday reported a decline in profit for the first half of the year, hit by a fall in revenue and the persistent strength of sterling.

The aviation services and print media distribution company reported a pretax profit of GBP14.2 million for the six months to June 30, compared with GBP18.4 million a year earlier, as revenue fell to GBP944.4 million, down from GBP951.8 million in the first half of 2013.

The company said its results on a reported basis were hit by the strength of the pound against other currencies in which it operates. On a constant currency basis, John Menzies said group revenue was up GBP27.1 million to GBP1.03 billion, with underlying operating profit marginally ahead at GBP26.2 million, compared with GBP26.1 million in the first half of last year.